China Cuts Key Rates to Stimulate Economy Amid Record-Low Bank Margins

Major banks reduce deposit rates following central bank's policy rate cuts to alleviate financial pressures and boost growth.

Industrial & Commercial Bank of China and Agricultural Bank of China lowered deposit rates by up to 20 basis points.
The People's Bank of China cut the one-year medium-term lending facility rate by 20 basis points to 2.3%.
China's central bank also reduced rates on seven-day loans to 1.7%.
The rate cuts aim to lower banks' funding costs and support economic growth amid weak loan demand.
Chinese stock markets experienced declines, with the Hang Seng and Shanghai Composite indexes down by 1.4% and 0.4% respectively.